Oklahoma § 58-1219 - Successor or substitute custodian

§ 58-1219. Successor or substitute custodian

A. A person nominated in accordance with the provisions of

Section 4 of this act or designated pursuant to the provisions of

Section 10 of this act as custodian may decline to serve by

delivering a valid disclaimer pursuant to the provisions of Sections

751 through 759 of Title 60 of the Oklahoma Statutes to the person

who made the nomination or to the transferor or the transferor's

legal representative. If the event giving rise to a transfer has

not occurred and no substitute custodian able, willing, and eligible

to serve was nominated in accordance with the provisions of Section

4 of this act, the person who made the nomination may nominate a

substitute custodian in accordance with the provisions of Section 4

Oklahoma Statutes - Title 58. Probate Procedure

of this act; otherwise, the transferor or the transferor's legal

representative shall designate a substitute custodian at the time of

the transfer, in either case from among the persons eligible to

serve as custodian for that kind of property in accordance with the

provisions of subsection A of Section 10 of this act. The custodian

so designated has the rights of a successor custodian.

B. A custodian at any time may designate a trust company or an

adult other than a transferor according to the provisions of Section

5 of this act as successor custodian by executing and dating an

instrument of designation before a subscribing witness other than

the successor. If the instrument of designation does not contain or

is not accompanied by the resignation of the custodian, the

designation of the successor does not take effect until the

custodian resigns, dies, becomes incapacitated, or is removed.

C. A custodian may resign at any time by delivering written

notice to the minor if the minor has attained the age of fourteen

(14) years and to the successor custodian and by delivering the

custodial property to the successor custodian.

D. If a custodian is ineligible, dies, or becomes incapacitated

without having effectively designated a successor custodian and the

minor has attained the age of fourteen (14) years, the minor may

designate as successor custodian, in the manner prescribed in

subsection B of this section, an adult member of the minor's family,

a guardian of the minor, or a trust company. If the minor has not

attained the age of fourteen (14) years or fails to act within sixty

(60) days after the ineligibility, death, or incapacity, the

guardian of the minor becomes successor custodian. If the minor has

no guardian or the guardian declines to act, the transferor, the

legal representative of the transferor or of the custodian, an adult

member of the minor's family, or any other interested person may

petition the court to designate a successor custodian.

E. A custodian who declines to serve in accordance with the

provisions of subsection A of this section or resigns pursuant to

the provisions of subsection C of this section, or the legal

representative of a deceased or incapacitated custodian, as soon as

practicable, shall put the custodial property and records in the

possession and control of the successor custodian. The successor

custodian, by action, may enforce the obligation to deliver

custodial property and records and becomes responsible for each item

as received.

F. A transferor, the legal representative of a transferor, an

adult member of the minor's family, a guardian of the person of the

minor, the conservator of the minor, or the minor if the minor has

attained the age of fourteen (14) years may petition the court to

remove the custodian for cause and to designate a successor

custodian other than a transferor pursuant to the provisions of

Oklahoma Statutes - Title 58. Probate Procedure

Section 5 of this act or to require the custodian to give

appropriate bond.

Added by Laws 1986, c. 261, § 19, eff. Nov. 1, 1986.